September 14th, 2008 · No Comments
Managers cannot control everything in their business. Commodity prices change; demand changes; supply chains don’t always work; plans don’t always come together.
Whatever the cause of the problem, the extreme challenges that a business faces do not always need to be fatal. There are solutions. But while the usual cast of professional advisors will give you the step-by-step of the a Proposal to creditors, a CCAA or a Chapter 11, there is a long route to prepare for this.
The first thing is to figure out how this tempest will affect operations. The next thing is to have a path to get through this. There are many details in between, but the mechanics are useless if there is no plan.
This “next thing” is where creativity and leadership have to come through. There has to be a plan where people will see not only more of the same, but will see a new and improved company. The chastened company’s management needs to convince the world, will come out better and stronger for the pain it will have inflicted on a wide series of its suppliers.
There is no magic formula. It is the same creativity that helped create the company in the first place that needs to create a solution.
I have had a chance to watch (and be one of the) executives that solves each problem as it arises with a plan for the next day, but I have also seen management get paralyzed by the challenge. It is imperative to have everyone on the same page.
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Ducks can do it! Why is the weakness in any project the failure to line up all the ducks that you need to get to the objective?
Law is a tool that has to be lined-up in order to meet the business objectives that our clients have. But it is only one aspect of any business objective. Usually, it is only an after-thought. The key is to make sure that your team understands what the objective is and understands the barriers : be they competitive, economic, logistic or yes! even legal. Sometimes you need a lawyer who understands the legal and business barriers to the project and can figure out how to line up the ducks so that the regulator or the courts can give the relief that is necessary to meet the objetives.
The law provides for this discretion and you just need to line up your ducks to ensure that discretion is exercised in your favour.
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On March 25, 1821 the yearning for freedom which manifested itself from the principles of democracy born in the cradle of civilization of Ancient Greece, allowed the beginnings of a war of independence which was supported the world over. This history lesson is relevant to all those embarking in any business venture. The Greeks were true to themselves and sacrificed for themselves and their fellow freedom fighters. With the upcoming Greek Independence Day, it is a timely lesson.
In a culture grown from the history of Ancient Greece, they understood the concept of ”know thyself” and they knew that although it was the harder road, it was the right path to follow. In business, you need to know thyself to do the right thing and build the right kind of business. Build one that fits your own character and aptitude. This is the foundation of any business that one can be proud of.
On the occasion of Greek Independence Day, Newhouse acknowledges that it serves its clients, not only by the knowledge of the law and business around it but, just as importantly, by the knowledge of itself and continues its ongoing search for greater knowledge. All great businesses are true to themselves, and we help our clients keep on that road to ensure success.
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After spending a few days at the PDAC, one can easily see what a success it was and the reasons are simple: the people, the money, the opportunity … but mostly, because of Canadians. Canadians understand the delicate mix necessary to make the resource industry work. The promoters, investment bankers, lawyers and accountants and the all-important investors know what this is all about.
In many respects, it is like all other investments an issue of risk reward, but Canadians understand this type of risk. It is a combination of hope and grit. This is one reason there were 20,000 delegates from around the world registered at a trade show and investment forum which covered one acre of space in downtown Toronto.
We’ll be there again next year.
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Welcome to Newhouse Strategic Counsel’s website and blog. We are launching it in conjunction with the Prospector and Developers Association of Canada’s Annual Meeting in Toronto (this also explains our choice for our current cover story).
What’s the connection? Firstly, we will be there amongst our clients, colleagues and friends. More importantly, as an attorney, the mining industry’s needs for corporate finance and contract work have given lawyers like me, the opportunity to build and, after alomost 20 years of practice, be part of one of the most dynamic industries at the start of the new millennium.
At Newhouse, we don’t serve mining and exploration companies exclusively, but the ingenuity, tenacity and courage we have seen in this business is something we have taken on for ourselves. These are also some of the qualities we see and admire in many of our clients.
So check out our web site to see what we are about… or at least a part of what we’re all about. Look out for our next cover story which will become a theme for our next post.
We invite you to follow us in our work, look for opportunities, and contact us to see how we can work together.
Thanks for taking the time to learn about us.
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